Marimed Inc (OTCMKTS: MRMD) recently declared its quarterly results ending ended June 30, 2021. The group has reported a spike in revenue to $32.6 million.
Details about the financial and operating results
The company reported an increase of 239% in revenue versus the second quarter of last year and 32% versus the first quarter of 2020. The gross profit on revenue of $19.4 million also recorded a spike with an increase of 215% compared to the second quarter of the year that went by. Subsequently, it is an increase of 47% when compared to the first quarter of 2021.
The group registered a positive EBITDA growth. With an EBITDA of $12.3 million, it is the sixth sequential quarter of positive EBITDA growth. In terms of EBITDA, the corporate house witnessed a 440% increase compared to the second quarter of last year and a 61% spike versus the first quarter of 2021.
On a net income of Marimed Inc, it is understood that $7.6 million in the second quarter of 2021 versus $1.1 million net loss reported during the second quarter of last year. Throwing light on the increased working capital of the company, a source shares that at the end of 2Q 2021, the working capital raised to $24.3 million, as per records, it is an increase of $26.5 million compared to the end of the 4Q of 2020. Additionally, it is learned that an increase of $7.2 million versus the end of the first quarter of 2021 was also recorded.
The group can convert EBITDA to free cash flow
Cash flow also saw an increase. A reported sum of $10.8 million is the positive cash flow from 2Q 2021, which is a spike of $9.9 million compared to 2Q 2020 and an increase of $4.0 million compared to the first quarter of 2021. The results are proof of the fact that the company can successfully transform EBITDA to free cash flow.
CEO and President of Marimed Inc shares his thought on the financial results
Expressing that he is pleased with the continued improvement in the financial performance of Marimed Inc, Bob Fireman, CEO, and President of the group, added that the company continues to register substantial revenue and EBIDTA growth in the cannabis industry.